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TOKYO - The Nikkei average edged up 0.04 per cent to end at its highest in six sessions yesterday, as commodities-related shares such as Mitsui & Co and Sumitomo Metal Mining rose after copper prices shot up.
But department store chains Takashimaya and Mitsukoshi fell on weaker earnings, and property firms declined after the Bank of Japan's quarterly tankan survey of corporate sentiment showed the sector was less optimistic about the coming three months.
"The Nikkei opened down after a weak finish in New York last week, but with the tankan bringing no major surprises, it lacked reasons for a further sell-off and picked up in the afternoon," said Masaru Hamasaki, senior strategist at Toyota Asset Management.
"It will be a struggle for the Japanese market for the rest of the week as the United States stays quiet before labour statistics expected after the weekend."
The Nikkei closed up 7.94 points at 18,146.30.
Investors found little in the tankan survey to inspire broad buying of stocks. The headline diffusion index for big manufacturers' sentiment was plus 23, matching the consensus and unchanged from March.
Nippon Sheet Glass climbed 4.4 per cent after it said it would sell Pilkington Australasia for A$690 million ($760 million) to Australia's CSR.
Real estate firms Mitsubishi Estate and Mitsui Fudosan both fell 1.2 per cent as the tankan's September outlook index for the sector was seen falling to 44 from June's reading of 53.
The Nikkei is up about 5 per cent since the start of 2007, compared with an 8 per cent rise in both the US Nasdaq and FTSE Eurofirst 300.
* Hong Kong financial markets were closed for a public holiday. Trading will resume today.
- REUTERS
